Umbrella is number one.As I acquired more rentals, I thought I should add in another level of protection - an LLC. 

Be as detailed and specific as possible when mentioning your future plans, current operation/experience level, ongoing projects, etc.

Some things that might be a concern:1) Obviously have to make sure things are all permitted first2) I don't want the room to "feel" like an addition, so flooring has to be same level/standardized with the rest of the house3) Unlike the rest of the house that has an identically-shaped 2200sqft basement underneath, this added space will not have a basement directly underneath it -- I'm not sure if this poses major cons for some reason that I'm not aware of4) Especially given the lack of basement underneath, I have to make sure that the HVAC can still somehow be piped into this room#2 and #3 are probably my biggest concerns (#1 and #4 I can find out relatively easily)Any tips/thoughts or other experience would be greatly appreciated. 

Your family might benefit from buying a 2-4 unit property with 5% down using a conventional loan.

At 500 units, we needed to switch to AppFolio.

Approximate purchase price of $650-$850k with a construction budget of $1.0-$1.5m depending on total unit count. 

I would like to be able to own a multi family unit (4units or less) where I can live in one of the units.

Then I began to network... alot, then I built a team RE agent, property manager, lawer... etc. then I bought my first unit. 

Yes, prices are coming down here as inventory slowly trickles back up to to pre-COVID levels.

Anything lower than 6 would be an indicator for higher-than-normal home price appreciation in the next 6-12 months.This is why even as interest rates increased at the fastest rate in 40+ years in 2023 and have stayed at that level, home prices have continued to appreciate.The media has been calling for a real estate crash for a while now and it hasn't happened and most people can't figure out why.